Fitbit, Inc. (FIT) Given New $6.50 Price Target at Morgan Stanley

Fitbit, Inc. (NYSE:FIT) had its price objective trimmed by Morgan Stanley from $7.00 to $6.50 in a research report sent to investors on Monday, July 31st, MarketBeat.com reports. The firm currently has an equal weight rating on the scientific and technical instruments company’s stock.

A number of other equities analysts have also issued reports on the company. SunTrust Banks, Inc. reissued a buy rating and issued a $7.00 price objective on shares of Fitbit in a report on Friday, April 14th. Oppenheimer Holdings, Inc. reissued an outperform rating and issued a $8.00 price objective on shares of Fitbit in a report on Monday, June 26th. Zacks Investment Research raised Fitbit from a hold rating to a buy rating and set a $7.00 price target for the company in a research note on Monday, May 8th. Dougherty & Co reaffirmed a neutral rating on shares of Fitbit in a research note on Monday, May 8th. Finally, ValuEngine raised Fitbit from a strong sell rating to a sell rating in a research note on Friday, June 2nd. Six analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Hold and an average target price of $7.93.

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Fitbit (NYSE:FIT) traded down 0.927% during trading on Monday, reaching $5.875. 1,016,208 shares of the company’s stock traded hands. Fitbit has a one year low of $4.90 and a one year high of $17.18. The company has a 50 day moving average of $5.44 and a 200 day moving average of $5.71. The firm’s market cap is $1.35 billion.

Fitbit (NYSE:FIT) last issued its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.07. Fitbit had a negative return on equity of 20.15% and a negative net margin of 13.79%. The business had revenue of $353.30 million during the quarter, compared to analyst estimates of $341.24 million. During the same period in the prior year, the company posted $0.12 EPS. The business’s revenue for the quarter was down 39.8% compared to the same quarter last year. Equities research analysts predict that Fitbit will post ($0.31) EPS for the current year.

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In other news, EVP Andy Missan sold 5,000 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $5.68, for a total transaction of $28,400.00. Following the completion of the transaction, the executive vice president now owns 80,332 shares of the company’s stock, valued at $456,285.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven Joseph Murray sold 500,000 shares of the firm’s stock in a transaction on Friday, May 26th. The stock was sold at an average price of $5.33, for a total transaction of $2,665,000.00. Following the completion of the sale, the director now owns 11,442 shares of the company’s stock, valued at $60,985.86. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,045,000 shares of company stock worth $5,770,100. 29.10% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of the company. Guggenheim Capital LLC raised its position in Fitbit by 6.7% in the fourth quarter. Guggenheim Capital LLC now owns 36,211 shares of the scientific and technical instruments company’s stock worth $266,000 after buying an additional 2,264 shares during the period. Oppenheimer & Co. Inc. raised its position in Fitbit by 11.6% in the second quarter. Oppenheimer & Co. Inc. now owns 40,063 shares of the scientific and technical instruments company’s stock worth $213,000 after buying an additional 4,150 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in Fitbit by 14.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 33,666 shares of the scientific and technical instruments company’s stock worth $199,000 after buying an additional 4,271 shares during the period. UBS Asset Management Americas Inc. raised its position in Fitbit by 5.8% in the first quarter. UBS Asset Management Americas Inc. now owns 86,177 shares of the scientific and technical instruments company’s stock worth $510,000 after buying an additional 4,732 shares during the last quarter. Finally, Intellectus Partners LLC raised its position in Fitbit by 6.2% in the first quarter. Intellectus Partners LLC now owns 155,096 shares of the scientific and technical instruments company’s stock worth $918,000 after buying an additional 9,100 shares during the last quarter. Institutional investors and hedge funds own 55.71% of the company’s stock.

Fitbit Company Profile

Fitbit, Inc is a provider of health and fitness devices. The Company’s platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts.